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Question - Worthington Industries manufactures and sells a single product. The controller has prepared the following income statement for the most recent year:
Worthington Industries Traditional Income Statement (Absorption Costing) For the Year Ended December 31
Sales revenue
$603,000
Less: Cost of goods sold
522,000
Gross profit
$81,000
Less: Operating expenses
70,000
Operating income
$11,000
The company produced 12,000 units and sold 9,000 units during the year ending December 31. Fixed manufacturing overhead (MOH) for the year was $216,000, within fixed operating expenses were $54,000. The company had no beginning inventory.
Requirements -
1. Will the?company's operating income under variable costing be ?higher, lower, or the same as its operating income under absorption? costing? Why?
2. Prepare a variable costing income statement for the year.
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